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Buying a property – how to protect yourself from risks

Buying a property – how to protect yourself from risks

Have you decided to buy a property and are now at the search stage, with the purchase ahead of you? For most people, this is a major life step that often uses up their lifetime savings or leaves them in debt for a substantial part of their lives. It is therefore important not to underestimate the potential risks and to do everything possible to ensure that the process runs smoothly. In this article, we highlight the most common complications and, as a bonus, advise you on how to get access to the best properties first.

Property as an investment for the future

Property investment offers greater security than other forms of investment, such as bonds, gold and commodities. If you are looking for something tangible with real value, an investment property is a good solution. What is more, you can use it as your own home or rent it out while its value continues to grow.

The main pitfalls of buying property

However, buying a property can involve a number of pitfalls and financial risks. It is important to be aware of these risks and carefully consider every step. Property experts recommend paying particular attention to the following factors:

  1. The broker represents the seller: One of the main risks is the broker’s conflict of interest, as they may not point out any potential shortcomings of the property in the seller’s interests.

  2. Unsatisfactory legal status of the property: Before entering into a purchase agreement, it is important to check that the property has no legal defects, such as unresolved inheritance matters, liens, occupancy approval decisions, unclear plot boundaries, etc.

  3. Hidden defects: A property may have hidden issues, such as problems with the foundations, mould or pests, which are not apparent at first glance. Therefore, always inspect the property thoroughly, ideally with an expert who can identify potential issues that you might overlook as a layperson.

  4. Unrealistic price: Make sure that the property price corresponds to the market value in the area. An inappropriate price may indicate problems.

  5. Location: A poor location can affect not only your day-to-day comfort but also the property’s investment value. This includes factors such as crime, access to amenities, transport links and environmental pollution nearby.

  6. Neglected obligations of the previous owner: If the previous owner failed to meet their obligations to authorities or energy suppliers, you may have to deal with these issues after taking ownership.

Professional support

For an experienced real estate broker, selling is everyday business. They know what to look out for and what questions to ask, saving you a great deal of worry and money. What is more, unlike the broker selling the property, the broker you hire will be on your side. At Bohemian Estates, we offer a property search service: based on your requirements, we will find a property specifically for you, guide you through the entire purchasing process and protect your interests.

How to be the first to access a good property

Our system monitors listings around the clock and sends suitable properties to clients. The best ones often never even reach the public market, as they are snapped up by our clients.

Buying a property from A to Z

We will guide you through the entire property-buying process: from the search and attending viewings, through checking the property’s technical and legal status and preparing or reviewing all the necessary documentation, to negotiating a discount.

We hope these tips have helped you gain a basic understanding of what you may encounter when buying a property, and we wish you a smooth purchase that meets your expectations.